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Target's revenue and sales were down in the first quarter, following a retail pattern for the start of the year.

Target earned $498 million, or 77 cents per share in the quarter, which is down from a profit of $697 million, or $1.04 per share in the first quarter of 2012. The discounter fell short of matching even its own estimates. In April, Target estimated its earnings would be about 87 cents per share.

The results were bad enough for the discounter to reduce its full-year profit forecast.

Target's same-store sales — those opened for at least a year — fell 0.6% in the first quarter. This is the most widely followed measure of a retailer's performance. Sales increased 0.5% from $16.5 billion to $16.6 billion, and the number missed analysts' estimates.

"While we are disappointed in our first-quarter performance, we remain confident in our strategy, and we continue to invest in initiatives, including Canada, our digital channels and CityTarget, that will drive Target's long-term growth," said Target CEO Gregg Steinhafel.

Shares of Target were down 3.8% to $68.57 at about 10 a.m. Wednesday.

Target suffered from the same problems that have plagued other retailers this quarter. The late spring and exceptionally cold winter hurt seasonal product and clothing sales, such as spring and summer fashions and garden products.

Because tax refunds were delayed and the economy had a couple of what research company Retail Metrics President Ken Perkins calls soft months due to factors including poor job numbers, consumers weren't as inclined to buy.

It was "tough sledding for everyone this season," says Perkins. "Retail got the worst of both worlds."

He remains hopeful, however: "Expect a bounce-back. There's a lot of pent up demand."